Neuraxpharm Group and Panaxia announced the signing of two addendums to their agreement to expand their collaboration into the Czech and Swiss markets.
The collaboration includes the marketing and distribution of advanced medical cannabis products, including cannabis extracts for inhalation, produced by Panaxia. This follows former collaborations between the companies in Germany and France. The collaboration model will be similar to the one in Germany with the joint branding, Naxiva PanaxolTM: Panaxia will manage the manufacturing of the products, such as pharmaceutical-grade medical cannabis premium oils and extracts for inhalation based on clinical data, while Neuraxpharm will be responsible for the marketing, distribution, and commercialization of the products in the Czech Republic and Switzerland markets.
Dr. Dadi Segal, CEO of Panaxia, said: "We are proud to expand our collaboration with our partner, Neuraxpharm, to the Czech Republic and Switzerland, two of the most advanced countries in Europe in terms of their medical cannabis policy. We are excited to make our advanced medical cannabis products available to patients in both countries and expand the variety of products offered."
Dr. Jörg-Thomas Dierks, CEO of Neuraxpharm, added: "We are delighted about the new agreement with Panaxia, which is a great opportunity to benefit from the strong growth in the Swiss and Czech medical cannabis markets. We are confident that with our partner Panaxia we will be able to successfully leverage the potential of both markets going forward."
This agreement strengthens the position of Neuraxpharm and Panaxia as key players in the European medical cannabis market, with the two companies planning to further expand the agreement to other countries.
In order to combine its activities and reinforce its position as one of the key European players in medical cannabis, Neuraxpharm has created a business unit at the corporate level dedicated to medical cannabis and established a dedicated sales force in Germany. To this end, Neuraxpharm has appointed Rita Barata as the new head of the specified corporate medical cannabis business unit to accelerate the launch and drive its growth at the European level. Rita Barata has over 15 years of experience in the pharmaceutical industry and has a strong track record in driving commercial growth and innovation, both at national and international levels, in different companies. Prior to joining Neuraxpharm, she was Head of Marketing EMEA & Country Manager of Iberia at Tilray.
Panaxia operates two EU-GMP facilities in Israel and Malta, which allow the export of advanced medical cannabis products to most European countries.
The first sales of products in the Czech Republic and the availability of scientific information in Switzerland are expected to begin by the end of 2022, subject to completing the regulatory registrations of the Czech and Swiss authorities for the distribution of medical cannabis products.
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